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Archimedes Pharma Announces Major Fund Raising of GBP65 Million
Date:3/2/2010

Archimedes Pharma ("Archimedes"), the leading specialty pharma company, today announced that it has raised GBP65 million (approx US$100 million) in new funding. The round was led by new investor Novo Growth Equity, the growth equity fund of Novo A/S, and included participation by major current investor, Warburg Pincus, a global private equity firm. Archimedes also announced the appointment of a new President and Chief Executive Officer, Jeffrey H. Buchalter, formerly President and Chief Executive Officer of US-based Enzon.

The funding round is the largest raised by a private European biopharma company in the last 15 years and is Novo Growth Equity's first investment since it was established at the beginning of 2009. The funds will be used to establish Archimedes' operations in the US and support the growth of the successful specialty pharma business in Europe. The funds will also be used to support the global commercial launch of PecFent*, Archimedes' innovative, simple-to-use, fentanyl nasal spray for the treatment of breakthrough cancer pain. PecFent has been filed for approval in Europe and the US and is expected to be approved for commercial sale in both regions during 2010. PecFent is supported by an extensive phase III clinical development programme in which the product met all primary and secondary end-points. Crucially, the phase III studies demonstrated that PecFent showed onset of pain relief within five minutes of dosing, statist
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SOURCE Archimedes Pharma
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